Restricted properties include:
A housing developer who intends to purchase restricted property to construct flats or dwelling house for sale.
A housing developer means:
(a) an individual who is not a Singapore citizen; or
(b) a foreign company, a foreign limited liability partnership or a foreign society; or
(c) a Singapore company, limited liability partnership or society which is not holding a clearance certificate.
(a) Complete the construction and obtain the Temporary Occupation Permit or Certificate of Statutory Completion within 5 years from the date of issue of the QC or the collective sale order, whichever is applicable;
(b) Dispose of all the residential units within 2 years from the date of issue of the Temporary Occupation Permit or Certificate of Statutory Completion, whichever is earlier;
(c) Must not, without approval, change the shareholding of the housing developer after QC is issued;
(d) Must not, without approval, sell the land in its vacant or undeveloped state; and
(e) Provide security (Banker’s Guarantee of at least 10% of purchase price of land).
It is required to submit an online application for variation of condition for an extension of time to dispose of the units in the development. A non-refundable application fee is payable.
The extension charge payable for an extension of time is – 8% of the purchase price of the land for the first year extension, 16% for the second year of extension and 24% for the third and subsequent years. The number of unsold units will be taken into consideration when computing the charge.